This paper presents a non-technical discussion of some of
the important developments in macroeconomics over the past twenty
years. It considers three broad catagories of research. First,
it discusses how the notion of rational expectations has affected
economists' views on the role of economic policy, the debate over
rules versus discretion, and empirical work in macroeconomics
Second, it discusses various new classical approaches to the
business cycle, including imperfect information theories, real
business cycle theories, and sectoral shift theories. Third, it
discusses various new Keynesian approaches to the business cycle,
includes theories based on general disequilibrium, labor
contracting, and menu costs.
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